Energy Bulls Turning to BP

Option traders turned their attention to BP on Thursday.

NEW YORK -- Option traders have been focused on the energy sector for weeks, and Thursday they turned their attention to BP ( BP).

The March 46 calls stood out in particular, seeing more than 5,800 contracts trade for 38 cents and 39 cents. That volume was slightly above the open interest in the strike before Thursday's trading began, indicating that new money was being put to work.

Calls lock in the price where investors can buy shares, so they can produce significant leverage in the event of a rally. But if the stock doesn't move, these options will expire worthless.

BP fell 0.36% to $44.11 on Thursday. The options activity remained pretty positive throughout the session, with 25,000 calls trading in all strikes versus 15,000 puts. Total volume was twice the daily average.

Najarian has no positions in BP.

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